The Reserve Bank of India (RBI) is pausing its plans to release a digital currency, Indian business news outlet the Hindu Business Line reported on Jan. 1. India’s central bank had originally announced its intentions to consider a central bank digital currency (CBDC) in April of this year, at the time noting the establishment of an interdepartmental group to look into potential advantages and feasibility. In August, RBI confirmed the creation of the group, specifying that it was researching a CBDC that would be backed the rupee for reasons including the cost of printing paper and the rising popularity of …

The Indian government is approaching cryptocurrency regulation with caution, tech magazine Quartz reported Dec. 31, quoting Pon Radhakrishnan, the Minister of State in the Ministry of Finance and Ministry of Shipping. The latest episode in India’s increasingly drawn-out path to formalizing its domestic cryptocurrency economy, Radhakrishnan said that the lack of a “globally acceptable solution” meant lawmakers were unlikely to issue formal statues in the short term. Addressing the lower house of parliament, the Lok Sabha, on Dec. 28, he said: “In absence of a globally acceptable solution and the need to devise technically feasible solution, the department is pursuing …

Top Stories This Week Nvidia Faces Class Action Lawsuit Over Losses After Lower GPU Mining Demand Graphics processing unit (GPU) producer Nvidia is currently facing a class action lawsuit over losses that the company reported when lower crypto prices lowered demand for GPUs by miners. The Schall law firm announced the lawsuit this week, with the complaint alleging that Nvidia made false and misleading statements to the market. Schall noted that since the GPU producer claimed that drop off in demand for GPU on miners would not negatively affect the business, the lawsuit has merit. Altcoin Bitcoin Private Team Confirms …

Indian telecoms giant Tata Communications named the key barriers to blockchain adoption for businesses globally, in a survey published Dec. 12. Part of a survey on emerging sectors — dubbed ‘The Cycle of Progress’ — Tata’s report noted concerns around costs, security and privacy as the “key adoption barriers for business decision makers” considering the implementation of new technologies. The survey also highlighted a growing skills gap as one of the major challenges in the adoption of new technology, including blockchain, artificial intelligence (AI) and the Internet of Things (IoT). The report also noted, however, that “[r]egardless of where their …

A governmental committee in India has reportedly suggested that cryptocurrencies be legalized in the country, English-language local media TheNewIndianExpress (TNIE) reported on Dec. 26. According to the article, an unnamed senior official who reportedly attended the panel’s meetings on cryptocurrencies stated: “There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders.” Previous Indian government panel meetings had reportedly suggested a complete ban on cryptocurrencies in the country earlier in December, stating that “any kind of dealing in such currencies should be treated as ‘illegal.’” India’s government reportedly set up …

The Telecom Regulatory Authority of India (TRAI) has completed blockchain pilots with tech giant IBM to improve mobile data records. The trials were reported today, Dec. 12, by local English-language, Indian daily newspaper The Economic Times. The TRAI, India’s telecom regulator, along with major telecom providers, have completed tests with tech firms such as IBM in order to explore blockchain’s benefits in improving mobile network systems such as mobile number portability (MNP) and the Do Not Call Registry (DNC). Sriram Raghavan, vice president of IBM Research, claimed that the company has carried out proof-of-concepts (PoC) and pilots with “all the …

An Indian government panel has reportedly suggested a new legal framework within the Reserve Bank of India (RBI) that completely bans cryptocurrencies in the country. English-language Indian media outlet CNBC TV18 reported on the framework on Dec. 6. The article cites an unnamed source as noting that “the panel has categorically said that all such currencies should be treated as illegal” and that “any kind of dealing in such currencies should be treated as [such].” CNBC TV18 notes that the Indian government had created a panel to create “norms” for digital currencies — headed by Secretary of the Department of …

“Big Four” auditor Ernst & Young (EY) will hire 2,000 employees in India to expand its digital solution services across blockchain, artificial intelligence (AI), automation and tax technologies. The news was first reported by English-language, Indian news outlet The Economic Times and posted to EY India’s official Twitter Nov. 23. According to the Times, EY will be recruiting the new talent over the next three years, in parallel to its global plans to invest $1 billion in “new technologies, client services, innovation and the EY ecosystem” over a two fiscal year period, as of July 2018. Ram Sarvepalli, leader of …

Police in the northern Indian city of Chandigarh have filed a chargesheet against four suspects accused of scamming a victim out of ₹6-10 crore ($0.8 - 1.4 million) in a cryptocurrency investment fraud, local English-language broadsheet the Times of India reports Nov. 22. b. The four accused are the main suspect, Amit Bhardwaj, his brother, Vivek Bharadwaj, Pankaj Adlakha, and Hemant Bhope. According to the Times of India, an earlier chargesheet against two men alleged to have “direct links” with A. Bhardwaj had been filed in the city of Delhi. At present, the chargesheet reportedly runs to over 1,800 pages, …

SWIFT India has partnered with fintech firm MonetaGo to pilot a distributed ledger (DLT) network designed to improve the efficiency and security of financial products, according to a press release published Nov. 20. SWIFT India is a joint venture established by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication) and a number of major Indian and international banks, including HDFC Bank and the Bank of India. The organization provides messaging services to domestic market infrastructures, banks and corporates. Per the announcement, the new program based on MonetaGo’s financial services network technology will be integrated through standardized SWIFT financial messages. The …

The Indian government is actively preparing a draft bill on crypto regulation, which is expected to see light this December, according to documents obtained by digital news website Quartz India Tuesday, Nov. 20. The government has filed a counter-affidavit yesterday, Nov. 19 in the Supreme Court of India, which is currently hearing a case filed by several crypto exchanges against the Reserve Bank of India (RBI). The document states that the Indian finance ministry panel, responsible for the draft and headed by secretary in the department of economic affairs Subhash Chandra Garg, will present its first version in December: “Currently, …

Earlier in October, the developers of India’s first Bitcoin (BTC) “ATM” were arrested in the city of Bangalore under criminal charges, in a case that has shaken the local startup community and cast a spotlight on the lack of clarity surrounding “the law of the land” in regard to crypto. While the official Freedom of Information Report (FIR), detailing the charges against the men, is not in the public domain, the mainstream media has reported that they were booked under serious criminal charges, including criminal conspiracy, cheating, and forgery. From the gravity of the alleged charges, you’d be forgiven for …